UBS bank

The deal, backed by the Swiss government, follows weekend talks aimed at preventing its collapse.

The acid test as to whether this Swiss rescue has calmed nerves in the financial world will be when financial markets open on Monday - which is why it was so important to get this done on Sunday night. Credit Suisse has become the latest and most important casualty of a crisis of confidence that has already seen the failure of two mid-sized US banks and an emergency industry whip-round for another. That has spooked investors and seen the share prices of all banks fall with those considered weakest hit hardest. The Bank of England said it welcomed the "comprehensive set of actions" set out by the Swiss authorities. The Bank of England said it welcomed the "comprehensive set of actions". The Swiss National Bank said the deal was the best way to restore the confidence of financial markets and to manage risks to the economy.

Investors and banking industry analysts were still digesting the deal, but at least one analyst suggested it might tarnish Switzerland's global banking ...

bank collapses and the danger to Credit Suisse was “an international banking crisis in the making.” “The banking system of Europe has not fully recovered from the crisis” in 2008, he said. The deal follows the collapse of two large U.S. As part of the deal, approximately 16 billion francs (US$17.3 billion) in higher-risk Credit Suisse bonds will be wiped out, leaving investors with hefty losses. Shares of Credit Suisse and other banks had tumbled last week after the failure of two banks in the U.S. Swiss authorities urged UBS to take over its smaller rival after a central bank plan for Credit Suisse to borrow up to 50 billion francs (US$54 billion) last week failed to reassure investors and customers. Swiss regulators orchestrated the purchase in a bid to stop more turmoil after the collapse of two U.S. But concerns about risks to the deal, losses for some investors and Credit Suisse’s falling market value could renew fears about the health of banks. In an indication of the frantic, behind-the-scenes deal-making by Swiss authorities to resolve the issue before markets opened, the acquisition was announced late Sunday. The deal added volatility to other European bank stocks, which fell in early trading even as benchmark indexes climbed, before some clawed back their losses. But European bank stocks and the wider market gained as investors watch whether moves to shore up banks will stem further upheaval in the global banking system. [Credit Suisse](https://globalnews.ca/tag/credit-suisse), whose woes stem from questions over its internal controls, fell 60 per cent a day after UBS said it would buy the fellow Swiss bank for a lowball price of three billion Swiss francs (US$3.25 billion).

Credit Suisse shares plunged Monday after Swiss authorities cut a deal with its bigger rival UBS to acquire the troubled bank at a marked-down price.

"The banking system of Europe has not fully recovered from the crisis" in 2008, he said. In the future, he plans to spread out his money in more than one bank. But concerns about risks to the deal, losses for some investors and Credit Suisse's falling market value could renew fears about the health of banks. As economic conditions make it harder to qualify for a mortgage, Canadians are increasingly looking to alternative lenders, particularly amid interest rates. Many of Credit Suisse's problems were unique and unlike the weaknesses that brought down Silicon Valley Bank and Signature Bank in the U.S., including high interest rates. Tobias Straumann, an economic history professor at University of Zurich, said the merger was the right move because the U.S. In an indication of the frantic, behind-the-scenes deal-making to resolve the issue before markets opened, the acquisition was announced late Sunday. Swiss regulators orchestrated the purchase in a bid to stop more turmoil after the collapse of two U.S. Analysts say some previous forced bank mergers didn't work out well for shareholders in the long run. But European bank stocks and the wider market gained as investors watch whether moves to shore up banks will stem further upheaval in the global financial system. UBS shares initially dropped on the Swiss stock exchange but closed up 1.3%. Shares of Credit Suisse, whose woes stem from questions over its internal controls, closed nearly 56% lower a day after UBS said it would buy its fellow Swiss bank for a lowball price of 3 billion Swiss francs ($3.25 billion).